Please note that this is not life insurance, as it does not require a medical examination, but it is in fact debt cover on the money that the client borrows from the bank.
The Retrenchment benefit covers the installments of a client's vehicle for a 6 month period. This cover is restricted to a maximum of 3 months continuous benefit, and is only available after 3 months from the purchase date. It does however offer immediate accident cover.
The product also offers cover for a Personal Catastrophe, such as
If the client is prevented, as a result of illness or bodily injury, from earning his normal income from his own or any similar occupation, the insurer shall pay, in terms of the Temporary total disability benefit after a deferred period of 30 days, the monthly installments of the vehicle.
In case of Permanent disability the vehicle is settled in full, and the client has one less expense to worry about.
The Auto Pedigree Credit Life product also offers a Death benefit, where once again, no medical examination is required before cover becomes effective. In case of the death of the client, the vehicle is settled in full, and does not form part of the deceased's estate. An estate can take up to 9 months to be resolved - if not longer.
For more information on Credit Life Insurance, please ask to speak to one of our fully qualified F&I managers.